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Sign in Sign up for a FREE subscriptionPan-Africa JV raises $212m
Investec Asset Management, Growthpoint Properties and International Finance Corp. (IFC) have received $212 million in equity commitments for a pan-African real estate investment joint venture.
Growthpoint Investec African Properties (GIAP) will seek to invest in income-producing commercial real estate assets in select cities across the African continent. Targeted investments will be further diversified by sector, with GIAP’s mandate spanning office, retail and industrial properties.
“A key issue for real estate developers across the continent has been their ability to efficiently exit completed assets so they can recycle and re-deploy capital. We are working closely with a number of players in the space who consider GIAP’s entry as an asset aggregator a welcome development in this regard,” said Thomas Reilly, managing director of Growthpoint Investec African Property Management.
GIAP is expected to aid the development of local African real estate markets